India to invest $1 bln in Ivory Coast mining, oil

Indian_Eyess · August 14th, 2006, 07:48 PM

India to invest $1 bln in Ivory Coast mining, oil
By Reuters
Monday August 14, 08:00 PM
By Peter Murphy

ABIDJAN (Reuters) - India plans to invest $1 billion in oil exploration and mining in war-divided Ivory Coast in the next five years and will open new factories as it strengthens trade ties, its top envoy in the country said on Monday.

With an increasing need for raw materials and energy as its economy expands, India is following China by stepping up its presence in resource-rich sub-Saharan West Africa, where offshore oil output is steadily rising.

Indian ambassador to Ivory Coast Amarendra Khatua took more than 100 Ivorian entrepreneurs and government ministers to an Indo-Ivorian trade commission meeting in New Delhi this month where they drafted dozens of deals to be signed later this year.

Chief among them is India's plan to invest in offshore oil exploration on the Ivorian stretch of the prized Gulf of Guinea coastline which is believed to hold large, untapped reserves. Ivorian oil production is currently more than 60,000 bpd.

"Indian investment in the mining and hydrocarbon sector in this country will be $1 billion over the next five years," Khatua told Reuters in the economic capital Abidjan.

India's Oil and Natural Gas Commission had invested $12 million to explore one offshore block it was now drilling.

Indians were also seeking to mine gold, diamonds, manganese, bauxite, iron ore and chrome, either by starting new mines or by forming partnerships to exploit existing ones, Khatua said.

"India and China -- because of their population demands, economic growth and increasing prosperity -- need energy security, plus they have money to invest now," he said.

CHEAPER MEDICINES

India's plans come at a time when some investors in the former French colony are shying away from new business ventures due to the political uncertainty and insecurity that are the legacy of a 2002-03 civil war.

A struggling peace process has failed to reunite the country, split between a rebel-held north and government south, while delayed elections meant to draw a line under the conflict look unlikely to take place as planned by the end of October.

But Khatua was optimistic, pointing out that the mining projects would take time to set up and that the crisis could be resolved by the time these were operating.

"India has identified this market and it believes this crisis will be resolved soon and that it will then be able to penetrate deeper into the market," he said.

India has granted Ivory Coast a $26.8 million credit line which it has used to buy 400 Tata buses and farm machinery. A second credit line for agriculture, agro-processing, fishing and information technology would follow soon, Khatua said.

On top of plans to open five plants to process Ivorian cashew nuts locally, Indian pharmaceutical firms are to build two factories producing more affordable medicines in the world's poorest continent.

"There will be Indian drugs which are world class but are cheap ... When (Indian-made drugs) come via western countries it becomes costly. This is about direct access to the market," Khatua said.

He put Indo-Ivorian annual trade at $360 million and said it rose by a third in 2005. An importer of Ivorian timber, cotton, scrap metal and foodstuffs, India exports its rice, transport and engineering equipment and textiles to Ivory Coast.

http://in.news.yahoo.com/060814/137/66o9f.html

ThomasMcCabe · August 14th, 2006, 07:52 PM

Let the games begin. The next century belongs to China and India. They will start doing their sh*t now.

notoriou$punjabi · August 14th, 2006, 08:21 PM

Africa is already doing a lot of business with India. From oil colaborations in Nigeria to Sudan.

Indian_Eyess · August 14th, 2006, 08:59 PM

Quote:

Originally Posted by ThomasMcCabe

Let the games begin. The next century belongs to China and India. They will start doing their sh*t now.

Lets hope they dont follow in the foot steps of the Europeans.

**Cunard** · August 14th, 2006, 09:05 PM

Quote:

Originally Posted by Indian_Eyess

Lets hope they dont follow in the foot steps of the Europeans.

knowing desis...they will be far worse then the europeans

ThomasMcCabe · August 14th, 2006, 09:08 PM

Quote:

Originally Posted by Indian_Eyess

Lets hope they dont follow in the foot steps of the Europeans.

Ohh, dont bet on that. LOL

Indian_Eyess · August 14th, 2006, 09:39 PM

Quote:

Originally Posted by Cunard

knowing desis...they will be far worse then the europeans

lol, thats wat I'm afraid of.

Advocate · August 15th, 2006, 12:41 PM

Quote:

Originally Posted by ThomasMcCabe

Let the games begin. The next century belongs to China and India. They will start doing their sh*t now.

yep, the sleeping giants..thats what they are

ThomasMcCabe · August 15th, 2006, 12:59 PM

China has woken up it seems.

August 14th, 2006, 07:48 PM	#1
Indian_Eyess Banned Join Date: Mar 16 2005 Location: Memphis, TN, USA Posts: 7,481 Reputation: 10 --> Rep Power: 0 Casino cash: $1000	India to invest $1 bln in Ivory Coast mining, oil India to invest $1 bln in Ivory Coast mining, oil By Reuters Monday August 14, 08:00 PM By Peter Murphy ABIDJAN (Reuters) - India plans to invest $1 billion in oil exploration and mining in war-divided Ivory Coast in the next five years and will open new factories as it strengthens trade ties, its top envoy in the country said on Monday. With an increasing need for raw materials and energy as its economy expands, India is following China by stepping up its presence in resource-rich sub-Saharan West Africa, where offshore oil output is steadily rising. Indian ambassador to Ivory Coast Amarendra Khatua took more than 100 Ivorian entrepreneurs and government ministers to an Indo-Ivorian trade commission meeting in New Delhi this month where they drafted dozens of deals to be signed later this year. Chief among them is India's plan to invest in offshore oil exploration on the Ivorian stretch of the prized Gulf of Guinea coastline which is believed to hold large, untapped reserves. Ivorian oil production is currently more than 60,000 bpd. "Indian investment in the mining and hydrocarbon sector in this country will be $1 billion over the next five years," Khatua told Reuters in the economic capital Abidjan. India's Oil and Natural Gas Commission had invested $12 million to explore one offshore block it was now drilling. Indians were also seeking to mine gold, diamonds, manganese, bauxite, iron ore and chrome, either by starting new mines or by forming partnerships to exploit existing ones, Khatua said. "India and China -- because of their population demands, economic growth and increasing prosperity -- need energy security, plus they have money to invest now," he said. CHEAPER MEDICINES India's plans come at a time when some investors in the former French colony are shying away from new business ventures due to the political uncertainty and insecurity that are the legacy of a 2002-03 civil war. A struggling peace process has failed to reunite the country, split between a rebel-held north and government south, while delayed elections meant to draw a line under the conflict look unlikely to take place as planned by the end of October. But Khatua was optimistic, pointing out that the mining projects would take time to set up and that the crisis could be resolved by the time these were operating. "India has identified this market and it believes this crisis will be resolved soon and that it will then be able to penetrate deeper into the market," he said. India has granted Ivory Coast a $26.8 million credit line which it has used to buy 400 Tata buses and farm machinery. A second credit line for agriculture, agro-processing, fishing and information technology would follow soon, Khatua said. On top of plans to open five plants to process Ivorian cashew nuts locally, Indian pharmaceutical firms are to build two factories producing more affordable medicines in the world's poorest continent. "There will be Indian drugs which are world class but are cheap ... When (Indian-made drugs) come via western countries it becomes costly. This is about direct access to the market," Khatua said. He put Indo-Ivorian annual trade at $360 million and said it rose by a third in 2005. An importer of Ivorian timber, cotton, scrap metal and foodstuffs, India exports its rice, transport and engineering equipment and textiles to Ivory Coast. http://in.news.yahoo.com/060814/137/66o9f.html Last edited by Indian_Eyess : August 14th, 2006 at 08:59 PM.

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August 14th, 2006, 07:52 PM	#2
ThomasMcCabe Regular Poster Join Date: Jun 19 2006 Posts: 1,379 Reputation: 10 --> Rep Power: 22 Casino cash: $1000	Let the games begin. The next century belongs to China and India. They will start doing their sh*t now.

August 14th, 2006, 08:21 PM	#3
notoriou$punjabi Should I Consider Retiring??? Join Date: May 31 2004 Posts: 8,629 Reputation: 90867557 --> Rep Power: 9086812 Casino cash: $7419	Africa is already doing a lot of business with India. From oil colaborations in Nigeria to Sudan.

August 15th, 2006, 12:59 PM	#9
ThomasMcCabe Regular Poster Join Date: Jun 19 2006 Posts: 1,379 Reputation: 10 --> Rep Power: 22 Casino cash: $1000	China has woken up it seems.

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